Games24x7, the Indian online gaming platform, has raised $75 million from a funding round that was helmed by Malabar Investment. Following the latest funding round, the multi-gaming platform entered the unicorn club with a valuation of $2.5 billion. With the latest edition, Games24x7 has joined the likes of Mobile Premier League (MPL) and Dream11, who are the other two unicorns in the online gaming arena.
The funding round also witnessed involvement from existing backers Tiger Global and Raine Group. The firm was founded by New York University-trained economists Bhavin Pandya and Trivikraman Thampy in the year 2006.
Speaking about the round, Thampy of Games24x7, added, “We are extremely happy to partner with Malabar Investment and to see Tiger Global and Raine Group continue to repose their faith in us. This investment is a testimony not only to Games24x7’s performance, but also to India’s immense potential as an online skill gaming market.”
“Games24x7 is a pioneer in the fast-growing online gaming industry in India and has built a highly profitable business with outstanding acquisition and retention metrics. Not only that, they have continuously improved on these metrics at a great scale, which we believe is quite a remarkable feat. This speaks of the data science capabilities, the rigour, the thoughtfulness and the strive for excellence that the fantastic leadership team brings to the table. We are excited to partner with Games24x7 on its growth journey ahead,” added Sumeet Nagar, MD, Malabar Investments.
The company which is headquartered in Mumbai has offices in Miami, Philadephia, New Delhi and Bengaluru.
According to the firm, it is one of the fastest-growing online Indian gaming companies with users of over 100 million.
Games24x7 launched the Indian sports fantasy platform in 2019, My11Circle. The company has Sourav Ganguly, VVS Laxman, Mohammed Siraj, Ruturaj Gaikwad and Shubman Gill as its group of brand ambassadors.